What Is A Modification?
Members 1st FCU mortgages, a borrower may modify the interest rate or term of an existing loan, by paying a .50% of mortgage balance fee or $300.00, whichever is greater. They would pay any points associated with the rate they select. Modification allows them to shorten the term of the mortgage but not extend the term past the present mortgage maturity date. The mortgage amount may not be increased. Fees or points must be paid outside of the loan.
Modifications are a change in the court’s prior judgment. Modifications usually concern child support, alimony, child custody, removal of a child from the state, visitation, and college expenses or other matters. The essential element in a modification complaint is a material change in circumstances since the prior judgment. A typical material change of circumstances is the loss of a job, receiving a large sum of money, and remarriage. Frequently, a child is the source of the change in circumstances, such as, when a mature child desires to live with the other parent because the custodial parent is moving. The court’s power to modify a prior judgment is limited. In a divorce, for example, the parties’ property division is not subject to further modification. The decision to file a modification demands the weighing and balancing of numerous factors with your attorney.
